Marietta Wealth Management LLC Increases Stock Holdings in Chevron Corporation $CVX

Key Points

• Marietta Wealth Management LLC increased its holdings in Chevron Corporation by 5.3%, now possessing 45,159 shares valued at approximately $6.47 million.
• Chevron recently reported $1.77 earnings per share for the quarter, surpassing analysts' expectations of $1.58, although its revenue declined by 12.4% year-over-year.
• Chevron announced a quarterly dividend of $1.71 per share, reflecting a 4.5% yield, with a payout ratio of 88.03%.

Marietta Wealth Management LLC lifted its holdings in shares of Chevron Corporation (NYSE:CVX - Free Report) by 5.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 45,159 shares of the oil and gas company's stock after purchasing an additional 2,273 shares during the quarter. Marietta Wealth Management LLC's holdings in Chevron were worth $6,466,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in CVX. Harvest Fund Management Co. Ltd lifted its position in shares of Chevron by 420.7% during the first quarter. Harvest Fund Management Co. Ltd now owns 151 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 122 shares in the last quarter. Elequin Capital LP acquired a new stake in shares of Chevron during the first quarter worth about $31,000. Cloud Capital Management LLC acquired a new stake in shares of Chevron during the first quarter worth about $39,000. Investment Management Corp VA ADV lifted its position in shares of Chevron by 171.3% during the first quarter. Investment Management Corp VA ADV now owns 236 shares of the oil and gas company's stock worth $39,000 after purchasing an additional 149 shares in the last quarter. Finally, Cooksen Wealth LLC acquired a new stake in Chevron in the first quarter valued at approximately $43,000. Institutional investors and hedge funds own 72.42% of the company's stock.

Insider Buying and Selling

In other news, VP Alana K. Knowles sold 3,978 shares of the firm's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $160.00, for a total transaction of $636,480.00. Following the transaction, the vice president directly owned 1,181 shares in the company, valued at approximately $188,960. This trade represents a 77.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director John B. Hess sold 375,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $158.30, for a total transaction of $59,362,500.00. Following the transaction, the director owned 1,403,045 shares in the company, valued at approximately $222,102,023.50. This trade represents a 21.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.21% of the company's stock.

Chevron Stock Performance

Shares of CVX opened at $153.59 on Friday. The company has a current ratio of 1.00, a quick ratio of 0.74 and a debt-to-equity ratio of 0.16. The firm has a market cap of $265.40 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 1.99 and a beta of 0.84. The company's 50 day simple moving average is $156.23 and its 200-day simple moving average is $148.99. Chevron Corporation has a 12-month low of $132.04 and a 12-month high of $168.96.

Chevron (NYSE:CVX - Get Free Report) last announced its earnings results on Friday, August 1st. The oil and gas company reported $1.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.58 by $0.19. The business had revenue of $44.82 billion for the quarter, compared to analyst estimates of $44.59 billion. Chevron had a net margin of 7.02% and a return on equity of 9.90%. The company's revenue for the quarter was down 12.4% compared to the same quarter last year. During the same period last year, the firm posted $2.55 earnings per share. As a group, equities analysts predict that Chevron Corporation will post 10.79 EPS for the current year.

Chevron Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Tuesday, August 19th were given a dividend of $1.71 per share. The ex-dividend date was Tuesday, August 19th. This represents a $6.84 dividend on an annualized basis and a dividend yield of 4.5%. Chevron's dividend payout ratio (DPR) is 88.03%.

Analysts Set New Price Targets

CVX has been the topic of several analyst reports. Jefferies Financial Group reaffirmed a "buy" rating on shares of Chevron in a report on Friday, July 18th. Mizuho reduced their target price on shares of Chevron from $192.00 to $191.00 and set an "outperform" rating on the stock in a report on Monday, September 15th. Melius Research initiated coverage on shares of Chevron in a report on Wednesday, August 20th. They issued a "hold" rating and a $155.00 target price on the stock. TD Cowen raised their target price on shares of Chevron from $150.00 to $155.00 and gave the company a "hold" rating in a report on Monday, August 4th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $178.00 target price on shares of Chevron in a report on Friday, August 1st. Eleven analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $165.05.

Chevron Company Profile

Chevron Corporation, through its subsidiaries, engages in the integrated energy and chemicals operations in the United States and internationally. The company operates in two segments, Upstream and Downstream. The Upstream segment is involved in the exploration, development, production, and transportation of crude oil and natural gas; processing, liquefaction, transportation, and regasification of liquefied natural gas; transportation of crude oil through pipelines; transportation, storage, and marketing of natural gas; and carbon capture and storage, as well as a gas-to-liquids plant.

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